EFCC targets banking sector in bid to combat financing to bandits

The Economic and Financial Crimes Commission (EFCC) has pledged to dismantle terrorist financing networks by closely monitoring banking transactions and cutting off financial flows to bandits.

Speaking at the 2024 Annual Civil-Military Conference in Abuja, EFCC Chairman Ola Olukoyede, represented by Commander Wilson Uwujaren, outlined the commission’s strategy to curb rising insecurity in Nigeria by targeting the corruption and illicit financial flows fueling these activities.

Olukoyede emphasized that the EFCC would collaborate with the armed forces to disrupt the financial networks supporting banditry, kidnapping, and terrorism.

He explained that corruption often leads to poverty, making it easier for individuals to be recruited into criminal activities.

The EFCC said, “Corruption is the key issue in terms of the promotion of insecurity in this nation. When people talk about insecurity and national development, one factor that is important to note is the implication of corruption on national security management and development.

“It is time for us to collectively fight corruption which has become a major challenge to our nation’s development. The loss of resources to corruption denies our nation the resources we should have used to provide infrastructure and digital services for our people, deepening the poverty we experience in this country.

“Corruption breeds poverty, which in turn makes the jobless embrace recruitment into banditry, kidnapping, and terrorism. We will continue to monitor the flow of funds, especially in the banking sector, to ensure that illicit money doesn’t get into the hands of bandits, kidnappers, and terrorists.”

Also speaking, the Minister of State for Police Affairs, Imaan Sulaiman Ibrahim, called for a concerted effort from all Nigerians to address insecurity.

“Security affairs are everybody’s business, not just the police and other law enforcement agencies. We must join hands with the police and other law enforcement agencies to end the menace of insecurity,” he said.

In his remarks, the Commandant of the National Defence College, Rear Admiral Olumuyiwa Morakinyo Olotu, noted that the conference seeks to develop implementable strategies to tackle insecurity and promote national development.

Earlier, the conference convener, Adams Otakwu, emphasized the need for genuine civil society organizations to promote patriotism and accountability.

He said, “Civil societies must be genuine and not be involved in fraudulent activities. Our role is to call public institutions to accountability, not to indulge in blackmail. That is not activism, and we must desist from that and engage in productive ventures.

“As civil society organizations, we are conscious of the society; if we lose it, we lose everything. It is not about money; it is about patriotism.”

The conference brought together stakeholders from various sectors to forge solutions to insecurity and promote national development.